And the answer seems to be that for too many people there is no such point, because, as a recent New York Times Op-Ed piece noted: “What most of us overlook is that fact that some people actually get high and hooked on money in the same way that others become addicted to alcohol and cocaine and other drugs. And ‘injection’ of money can make people feel instantly secure, victorious, strong, loved, proud and sexually attractive. Money becomes the antidote to a perceived sense of insufficiency.
Wall Street tradition has been to train somebody and then set him loose and allow him to make as much money as he possibly can. A lot of these people were and traditionally have been unsupervised, and I think that’s been part of the culture of the Wall Street firms, as opposed to banking institutions where everything is quite rigidly controlled and managed. So people have been operating in their sphere, absolutely independent of organizational control and a lot of these things have gotten out of hand as a result.
So I think there will be an imposition of greater management structure on the activities of the people who are working there.
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